Cuomo talks economic successes, medical marijuana in State of State

Governor Andrew Cuomo gives his 2014 State of the State address in Albany on Jan. 8.

Governor Andrew Cuomo gave the go-ahead for legalizing medical marijuana, while promoting tax relief measures and touting New York’s economic successes, in his last State of the State address before running for re-election.

“In three years, [we] have reversed decades of decline,” the governor said, referring to the state’s transformation from a $10 billion deficit to the $2 billion surplus during that period.

By spending less, the state can now tax less, Cuomo said, and will do so through a $2 billion package of tax relief proposals.

A renter’s tax credit would offer a refundable personal income tax credit to those who make under $100,000.
Cuomo proposed a reform to the estate tax, which, like the federal government would exempt the first $5.25 million of a person’s estate, instead of estates valued below $1 million, as the state does now.

Additional measures would provide relief on property and business taxes, and help simplify the tax code.

As anticipated, Cuomo called for a program that would research the feasibility of medical marijuana in New York.